Which is the most efficient way to solve this equation?
1 answer:
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Answer:
$59,321.62
Step-by-step explanation:
I'm going to assume that the 3.05% is a nominal rate
I'm also going to assume that there are 52 weeks in a year
To solve this equation we are going to use an annuity immediate and find the future value of these cash flows
We first need to find our new, effective interest rate which i will find by dividign .0305/52= .0006
If you don't have a financial calculator you will find the accumulated value of an annuity immediate through the following equation
*pmt
Plug in our values to get
Compute this and get about $59,321.62
if you have any questions lmk
84 = n × 24%
84 = n × 0.24 (24% =
= 0.24)
Divide by 0.24 to isolate the unknown number n
0.24 and 0.24 cancels out
350 = n
Check:
350 × 0.24 = 84
84 is 24% of 350
84 = n × 0.24 (24% =
Divide by 0.24 to isolate the unknown number n
0.24 and 0.24 cancels out
350 = n
Check:
350 × 0.24 = 84
84 is 24% of 350